Lizhi Teams up With AMAP and South China
Lizhi Inc. (Nasdaq: LIZI) announced Tuesday that it had established partnerships with AMAP and South China.
Under the cooperation, all parties aim to create free online audio tour guides for the historically and culturally significant sites in China.
AMAP is a web mapping, navigation and location-based services provider in China, the company said in today's announcement.
Lizhi added, users can search for audio tour guides by keywords such as a city, museum or attraction on AMAP; Lizhi App will get access to the audio tour guides made by the professional narrators selected from Lizhi App.
The collaboration marks a major step for Lizhi in exploring innovative scenario-based audio content by strengthening cross-sector cooperation.
According to iResearch, the penetration rate of music, games and video-streaming among the Chinese mobile internet users has reached 89%, 82% and 74%, respectively, while the penetration rate of online audio is relatively low with only 45.5%.
Looking forward, the company said it will continue to expand scenario-applied opportunities to create interactive and immersive audio experiences and to further unlock the growth potential in the audio industry.
Lizhi completed its $45 million initial public offering in January, selling 4.1 million American depositary shares at $11 apiece. For the full year 2019, Lizhi reported a revenue increase of 48% year-over-year at $169.6 million, but $19.1 million in significantly widened losses.
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